Eddie Bauer files for bankruptcy, says most stores to remain open.
Eddie Bauer Eddie Bauer (NASDAQ: EBHI) is a clothing store chain. Headquartered in Bellevue, Washington, and a subsidiary of Eddie Bauer Holdings (formerly Spiegel, Inc.), the company was founded in Seattle in 1920 as "Eddie Bauer's Sport Shop" by its namesake, Eddie Bauer (1899 – filed for bankruptcy on Wednesday, but says it will continue to serve customers as it seeks court permission to sell its assets to a private equity group.
Eddie Bauer, which operates 371 stores in the U.S. and Canada, filed for Chapter 11 bankruptcy in both countries.
The company said it had entered into an agreement to sell its assets for $202 million in cash to CCMP CCMP Comprehensive Conservation and Management Plan
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CCMP Coalition of Concerned Medical Professionals Capital Advisors LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , which wants to run the company, agreeing to keep the majority of the stores open and keep most employees.
"Eddie Bauer is a good company with a great brand and a bad balance sheet. This process will allow the business to emerge with far less debt, positioned for growth as the economy recovers and as our new products gain traction," said Neil Fiske Neil Fiske is President, Chief Executive Officer, and Director of Eddie Bauer Holdings, Inc. He has had over 18 years experience in the retail and related industries.
Before Eddie Bauer, Mr. , President and chief executive of the company in a released statement.
The buyer would also support Eddie Bauers' motions to "maintain critical vendor relationships and payments" as well as honor gift cards and the company's loyalty reward program, Eddie Bauer said.
The sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. , under the 363 section of the U.S. bankruptcy code, would also allow any higher and better bidder to take control of the assets. Eddie Bauer expects to complete the process within 60 days.